4 ms·

Practical question - if you guys sold assets only did that qualify you for capital gains on the sale or ordinary income tax?

• emmett 16y ago
  Technically, we didn't sell the assets. The company sold the assets (income), then distributed the resulting cash to shareholders (capital gains). So the money got taxed twice, once for corporate income tax and once as capital gains.
  • zone411 16y ago
    So you were structured as C-Corp?